assembly Bill A1324

2017-2018 Legislative Session

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to real property taxation
Jan 11, 2017 referred to real property taxation

Co-Sponsors

A1324 (ACTIVE) - Details

See Senate Version of this Bill:
S1288
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-239.1, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2013-2014: A9144, S5913
2015-2016: A321, S1048
2019-2020: A3788, S2819

A1324 (ACTIVE) - Summary

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.

A1324 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1324

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 11, 2017
                               ___________

Introduced  by M. of A. ROZIC -- read once and referred to the Committee
  on Real Property Taxation

AN ACT to amend the administrative code of the  city  of  New  York,  in
  relation  to prohibiting the city of New York from increasing property
  taxes where a property's assessed value has decreased in the  previous
  year

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The administrative code of the city of New York is  amended
by adding a new section 11-239.1 to read as follows:
  § 11-239.1 ASSESSMENTS FOLLOWING DECREASED VALUATION.  FOR A PERIOD OF
A  YEAR AFTER A REAL PROPERTY'S MARKET VALUE HAS DECREASED, THE ASSESSED
VALUE OF SUCH PROPERTY SHALL BE THE LESSER OF THE ASSESSED VALUE IN  THE
PRIOR  YEAR  OR  THE  PRODUCT  OF  THE ASSESSMENT RATIO TIMES THE MARKET
VALUE. THIS SECTION SHALL APPLY ONLY TO CLASS ONE AND CLASS TWO  PROPER-
TIES  AS SUCH CLASSES ARE DEFINED IN SUBDIVISION ONE OF SECTION EIGHTEEN
HUNDRED TWO OF THE REAL PROPERTY TAX LAW.
  § 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00805-01-7

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